London 1st December 2009 GRUPPO CARIGE 1

Transcription

1 GRUPPO CARIGE London 1st December 2009 GRUPPO CARIGE 1

2 Agenda Carige Group at a glance Key financial highlights 3Q09 results Strategic Priorities GRUPPO CARIGE 2

3 Banca Carige Group today ~50,000 small shareholders Fondazione CR Genova e Imperia CEP Assicurazioni Generali Market 44.06% 14.98% 2.97% (*) 37.99% Banca Carige SpA Cassa di Risparmio di Genova e Imperia Banking Insurance Finance Trustee Banca Carige CR Savona CR Carrara BM Lucca B. Cesare Ponti Carige Vita Nuova (life) Carige Ass.ni (non life) Carige AM SGR Creditis (Consumer credit) Centro Fiduciario Main Companies Only 5,881 EMPLOYEES 1.9 M CUSTOMERS (1.2 M BANKING; 0,7M ASSURANCE) 643 BRANCHES & 385 INSURANCE OUTLETS 827 CONSULTANTS EQUITY 3.6 BILLION Operational and accounting data as at 30 September (*) After communication to Consob on 6 October 2009 GRUPPO CARIGE 3

4 Growth through a long season of acquisitions Year Capital collected Mln. Euro Year Acquisitions Mln. Euro IPO Cassa di Risparmio di Savona Bond conversion into new shares Insurance companies 473 ** Capital increase underwritten by La Basilese Capital increase underwritten by institutional investors Capital increase underwritten by CNCEP, CDC, WestLB Capital increases and issue of subordinated convertible bonds Banca del Monte di Lucca branches from Banco di Sicilia branches from Gruppo Intesa branches from Gruppo Capitalia Issue of a LT2 loan Cassa di Risparmio di Carrara Capital increase Banca Cesare Ponti 61 Issue of subordinated loans (Tier 1, Lower Tier 2, Upper Tier 2, Tier 3) branches from Intesa Sanpaolo Issue of a LT2 loan branches from UniCredit Group Issue of convertible bonds 400 * Total 3,552 Total 2,442 * Approved on 3 November 2009 by the Shareholders' Meeting and on 9 November 2009 by the Board of Directors. ** Including the future capital increase in Carige Vita Nuova. Subject to Bank of Italy's authorisation. GRUPPO CARIGE 4

5 A more and more diversified network The network today new branches ex ISP branches ex Unicredit branches France 1 1/1 58/ 24 56/ / 60 71/ 30 /56 46/31 253/13 28/18 20/ 18 56/ 24 57/20 4/ 5/11 1/ 5 2/7 33/ / /33 11/ / TODAY 100% 72% 71% 96% 48% 39% 37/ 53 63/52 Banking branches 643 Insurance outlets 385 % of Branches in Northern Italy % of Branches in Liguria GRUPPO CARIGE Operational data 5

6 Among the top Italian banking Groups Market Cap (1) ( b) Total Assets 1H09 ( b) Ordinary shares 3.2 b 38.1 #6 Savings shares 0.5 b 638 # (1) Data as at 11 November 2009 Domestic Branch Network 1H09 (#) C/I (%) 1H09 5,900 4,865 #6 5% 66.8% #8 55.9% 56.1% 57.4% 57.8% 59.2% 64.2% 65.5% 65.9% 60.1% 73.9% 3, % 2,175 2,007 1, Source: Companies data GRUPPO CARIGE Operational data and accounting data (1H09 report) 6

7 Among the top Italian banking Groups Customer to Loans 1H09 ( b) Net NPL ratio (%) 1H # Average: 4.5% 24% 1.9% 2.4% 3.3% 3.6% 4.2% 4.3% #8 4.8% 5.1% 5.4% 62% 6.2% 6.8% Tier 1 (%) 1H09 Net Bad Loan ratio (%) 1H09 #4 CT1 ratio (pre-gov. bonds) #5 T1 ratio (pre-gov gov. bonds) #8 2.8% 10,5 10,5 8,7 8,5 7,9 7,7 7,7 7,7 7,7 6,9 1,4 7,3 0,5 08 0,8 08 0,8 08 0,8 1,9 0,2 1,1 1,6 1,4 0,5 7,9 7,2 6,9 6,9 6,9 6,7 6,2 5,2 5,2 Average: 1.7% 0.7% 0.8% 0.8% 11% 1.1% 12% 1.2% 1.4% 1.5% 1.7% 1.8% 1.9% Other additional Tier 1 Government Bonds Core Tier 1 Source: Companies data GRUPPO CARIGE Operational data and accounting data (1H09 report) 7

8 Agenda Carige Group at a glance Key financial highlights 3Q09 results Strategic Priorities GRUPPO CARIGE 8

9 Focus on retail L O A N S T O T A L Large Corporate 9.7% Small Business 10.4% Other 18.1% 1% by segment SME 38.0% Mass Market 27.8% by segment Public Entities 4.1% Other 7.6% Private & Affluent 2.4% Centre 18.7% North 38.2% by area (*) South & Isles 6.4% LOANS TO CUSTOMERS 3Q09 : 21.9 b Centre 12.6% D Affluent & Mass E Private Market P 20.7% 50.3% O S North Corporate 21.4% I 10.8% T S TOTAL DEPOSITS 3Q09 : 44.6 b Small business = turnover<1 m ; SMEs= <100 m ; Large Corporate= >100 m Mass Market: total deposits < 80 k, Affluent > 80 k, Private > 500 k Liguriai 36.8% (*) by customers residence by area South & Isles 59% 5.9% Liguria 60.1% Data as at 30 September 2009 Operational and accounting data (3Q09 report) GRUPPO CARIGE 9

10 Customer based funding Funding m % Interbank deposits 1, money market deposits and current accounts other deposits Customer deposits 21, short term deposits 14, medium/long term deposits and bonds 7, Interbank deposits 4% Customer deposits Securitisation 86% 1% Subordinated loans EMTN 4% programme 4% EMTN programme deposits bonds Subordinated loans 1, floating rate bonds 1, convertible fixed rate bonds Securitisation RMBS performing securities Retail bonds New issues for 1.7 b over the last 12 months (0.9 b net of expired bonds) m TOTAL FUNDING 24, Funding includes further 97.7 million from the securitization carried out in 2001, derecognised in the financial statement pursuant to the exemption allowed by IFRS 1 on first time adoption Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 issued bonds expired bonds Data as at 30 September 2009 Data as at November 2009 GRUPPO CARIGE Operational data and accounting data (3Q09 report) 10

11 No pressure on liquidity Current Debt Maturity Profile 2008 and 2009 institutional operations Operation Issue Date 2008 Capital increase 957 m March Tier m June m m callable ab in Customers Institutional Data as at November 2009 Lower Tier m June Tier m December Covered bonds (*) 500 m December PL Securitization 853 m December Upper Tier m December 2009 Lower Tier m June Covered Bonds (*) 1,000 m November Total 3,920 m (*) On a 5 b plafond GRUPPO CARIGE Operational data 11

12 Inaugural covered bond issue - Cover pool highlights Cover pool 2.3 b Commercial/Residential Commercial 4.79% Geographical distribution South & Isles 10.91% Centre 9.72% Residential 95.21% North 79.38% Current LTV Interest Rate Type <10 1.7% 6.0% 9.6% 13.6% Average LTV 50.32% Average outstanding maturity years 18.4% 18.5% 17.1% 15.3% Floating 53.80% Fixed 46.20% Figures refer to volume of originated mortgages GRUPPO CARIGE 12

13 Inaugural covered bond issue - Bond allocation Transaction details Issuer/Guarantor Rating (Exp.) Banca Carige SpA/Carige Covered Bond Srl Aaa (Moody's). AAA (Fitch) Issue size EUR mln Status Inaugural Obbligazioni Bancarie Garantite Maturity Date 25 nov 16 Value Date 05 nov 09 Coupon 3.75% Re offer price/spread % / MS +60 bps Listing Luxemburg ISIN TBD Joint Lead Managers Banca Carige (no books), DB, HSBC, Natixis, UBS, UniCredit Group (HVB) Investor distribution (allocation) 4% 1% 6% 41% 22% Geographical distribution (allocation) 3% 2% 5% 6% 10% 44% 26% 30% Fund manager Central Bank Insurance Bank Pension Fund Other Italy Germany France UK/Ireland Finland CH/Austria Iberia GRUPPO CARIGE 13

14 Sound assets Total asset breakdown Financial assets (*) Intangible assets Other Tangible assets 5% 9% % Financial assets % Net loans to customers % Debt securities 85% Mutual funds 2% Hedge funds <1% Hedging structured notes 8% Total assets 34.4 b Gross loan splitting Securitization 1% (*) Data do not include the stake in Bank of Italy and the notional value underlying customers index linked policies Equity and private equity 3% Total 6.3 b Debt securities, securitisation and structured notes rating bad loans 4% mortgage loans to individuals 38% AA 62% short tem 23% m/l term A 73,7% consumer credit 25% 5% loans to corporate 57% Gross loans to customers 21.9 b Other 3% BBB 7% AAA 4% Total 5.9 b Data as at 30 September 2009 GRUPPO CARIGE Operational data and accounting data (3Q09 report) 14

15 Sound credit policy NPL ratio (%) Bad loan ratio (%) 80% 8.0% 6.0% 4.0% 2.0% 7.4% 5.5% 80% 8.0% 6.0% 4.0% 2.0% 3.6% 2.0% 0.0% Dec 06 Dec 07 Dec 08 Sept % Dec 06 Dec 07 Dec 08 Sept 09 Gross NPL ratio Net NPL ratio Gross bad loan ratio Net bad loan ratio NPL growth on December 2008 System (Jun b; + 31%) Carige Group (Sept b; %) % +18.9% +34,1% % +15.8% +26.1% m % +16.9% +24.7% +39% Dec 08 Mar 09 Jun m % +0.6% +0.8% 6.2% +8.30% +12.6% Dec 08 Mar 09 Jun 09 Sept t % Bad Loans Watchlist Loans Rescheduled Loans Past due Source: B.I.P. Bollettino Statistico Operational data and accounting data (FY06 report - FY07 report FY08 report GRUPPO CARIGE 1H09 report 3Q09 report) 15

16 in line with the competitors 10% 1.0% 0.5% 7% 0.5% 0.5% 6.5% MPS 31% 3.1% 8% 0.5% 0.7% INTESA 3.7% SANPAOLO 2.8% 90% 5.3% UNICREDIT 2.0% 3.0% 8% 0.7% 0.3% BANCO POPOLARE 4.1% 93% Bad Loans NPL 7% 3.3% CARIGE 1.2% 93% 1.9% 0.6% Past Due Rescheduled 9% 92% 2.2% 7% BPM 0.4% 0.6% 92% 3.8% 3% CREDEM 1.7% 0.6% 0.9% Performing Loans Watchlist 4.9% BPER 0.9% 0.1% 4.5% 93% 97% Percentage calculated on gross loans to customers basis 91% Source: Companies data Operational data and accounting data (1H09 report) GRUPPO CARIGE 16

17 Robust capital ratios and low leverage Capital Ratios (%) T1 min T1 recommended T1 Carige Group TCR min TCR recommended TCR Carige Group Core T1 Carige Group 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% Sept Q09 TOTAL CAPITAL RATIO 10.04% TIER 1 RATIO 7.70% Core TIER1 RATIO 6.90% Tangible Common Equity (*) 1H Source: Companies data (*) Total assets net of intangible / Equity Operational data and accounting data (1H09 report) GRUPPO CARIGE 17

18 Agenda Carige Group at a glance Key financial highlights 3Q09 results Strategic Priorities GRUPPO CARIGE 18

19 3Q09 Growth of Deposits and Loans TOTAL DEPOSITS b LOANS TO CUSTOMERS b % LOANS TO CUSTOMERS =93.4% % +2.6% CUSTOMER DIRECT DEPOSITS % 3Q08 3Q09 3Q08 3Q09 DIRECT DEPOSITS Q08 3Q09 b LOANS TO INDIVIDUALS b % % Q08 3Q % + 5.2% INDIRECT DEPOSITS b LOANS TO CORPORATE b % -6.3% change change net of UC branches contribution % % 3Q08 3Q09 UC branches contribution 3Q08 3Q09 Operational data and accounting data (3Q08 report 3Q09 report) GRUPPO CARIGE 19

20 3Q09 Steady net profit PROFIT CORE REVENUES (*) m + 0.2% m % Gross profit + 6.7% 3Q08 3Q09 3Q08 3Q09 OTHER REVENUES COSTS m m % Q08 3Q09 3Q08 3Q09 change (*) Core revenues = Net interest income + Net commissions + Dividends Operational data and accounting data (3Q08 report 3Q09 report) GRUPPO CARIGE 20

21 3Q09 Results of the Group s companies 6,1% 179,2 Change 3Q09/3Q08 30% 10,6 44,1% 78 7,8 51,1%, % 44,1%, 70,5% 2,7 0,6 0,8 0,5 CARIGE Cassa di Cassa di Risparmio di Risparmio di Savona Carrara Banca del Monte di Lucca Banca Cesare Ponti CREDITIS SGR Carige Vita Nuova Carige Assicurazioni ,7 5,6 14, IAS No IAS IAS No IAS Data as at 30 september 2009 m Operational data and accounting data (3Q09 report) GRUPPO CARIGE 21

22 Agenda Carige Group at a glance Key financial highlights 3Q09 results Strategic Priorities GRUPPO CARIGE 22

23 Our mission Carige Group aims to be a national financial conglomerate equipped to provide banking, financial, insurance and pension solutions, focused on retail, pursuant to the development of resources and structures and the enhancement of an integrated multi-channel distribution system Quality of Conglomerate National Retail resources and Multi-channel structures Complete offer of Widespread Focusing on Specialisation of Distribution banking, financial presence in Italy families, SMEs distribution and system based and insurance especially in and local public production structures on branches, products and certain areas and entities mobile and Unitary management services strong presence in remote channel Aggregation point for smaller banks Liguria Focused on the relationship with local communities Widespread and intensive use of technology of the Group s key- expertises Professional development of human resources IT system in line with best practice GRUPPO CARIGE 23

24 In the light of the results of the acquired banks CAGR p.p. Banca del Monte di Lucca (#21 branches) Cassa di Risparmio di Savona (#50 branches) Cassa di Risparmio di Carrara (#34 branches) Year of the deal Loans and Deposits ( b) Pre-deal % 3.3% 6% Net Income ( m) C/I (%) ROE (%) Pre-deal 2008 Pre-deal 2008 Pre-deal % % 25% 4.1 8, p.p p.p p.p p.p p.p p.p. pp Banca Cesare Ponti (#4 branches) 2004 (Dec) 7.3% p.p Pre-deal data refer to the last Annual report before the acquisition. Pre-deal data of Banca Cesare Ponti refer to 2004 Annual report. CAGR= compound average growth rate +9 p.p. 6.0 Source: Companies data GRUPPO CARIGE 24

25 and of the purchased branches CAGR Year of the deal Loans and Deposits ( b) Total revenues ( m) C/I (*) (%) p.p Banco di Sicilia (#21 branches) % of which: loans +17.6% % p.p Banca Intesa (#61 branches) of which: 8.9% loans 6.9% +18.6% p.p Capitalia (#42 branches) of which: 25% 2.5% 5.5% pp loans +9.6% p.p. (*): direct costs only CAGR= compound average growth rate Source: Companies data GRUPPO CARIGE 25

26 the last two acquisitions CAGR Date of the deal Loans and Deposits ( b) Total revenues ( m) C/I (*) (%) target Intesa Sanpaolo (#79) March ~35% UCB Dec (#40) % ~ 35% ISP+UCB branches Other loans 54% Other Carige branches Future growth based mainly on Other Loans to loans corporate customer corporate 41% development 46% Loans to (*) direct costs only corporate 59% GRUPPO CARIGE 26

27 show a high potential Employees/Branch 4,9 5,2 4,2 Customers/employee Total intermediation/ employee ( /000) 30, ,2 Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC 27% Loans/ total intermediation 42% 24% Contribution*/employee ( /000) Deposits/employee ( /m) 22,1 8,8 9,3 Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Liguria Extra Liguria Of which ex ISP/UC Data as at 31 May 2009 * Contribution = revenues direct costs Operational data GRUPPO CARIGE 27

28 to exploit The ex ISP/UC branches: are essentially retail; have a quite limited development of loans; have relatively high rent costs; are relatively overstaffed. The objective is to bring into alignment the performance of these branches to those of Liguria, increasing, at the same time, the local penetration. The project being carried out is focused on ex ISP/UC branches but it also regards other extra Liguria branches. It aims: to point out the short and medium term priority on each branch to allow a constant monitoring of the outcomes to encourage the managerial approach evolution of the coordination between the different levels of area manager Objective New customers acquisition Higher retention Enhancement of the existing portfolio Profitability Costs Actions Focus on Campaigns/commercial actions HR Products Layout/logistics HR Pricing/conditions Products HR Volumes remix Loans repricing Funding repricing HR HR Rentals renegotiation Branch relocation GRUPPO CARIGE 28

29 The investment in the insurance companies In 1997, Banca Carige took over two insurance companies, one operating in Life sector (Carige Vita Nuova, former Basilese Vita Nuova) and one operating in Non life sector (Carige Assicurazioni, former Levante Norditalia), for an overall consideration of million, million in the Life Company and million for the Non life Company. The total investments made by the bank to take the control of these two companies and to strengthen them are lower than the multiples paid in the last main market transactions. GRUPPO CARIGE 29

30 the life company Multiples transactions in Life sectors Year Target Bidder Quota Price Price/ Premiums Price/ Equity Goodwill (1)/ Premiums 2005 Bipiemme Vita Fondiaria - SAI 46,0% 94,3 40,0% 3,93X 29,8% 2007 Arca Vita BPER 20,0% 53,0 43,9% 2,13X 23,3% 2007 MPS Vita AXA 50,0% 0% 831,11 51,0% 373X 3,73X 37,3% 3% 2007 Berica Vita (Pop Vicenza) Cattolica Assicurazioni 50,0% 20,9 16,3% 1,28X 3,6% 2007 Vicenza Life (Pop Vicenza) Cattolica Assicurazioni 50,0% 23,2 26,8% 2,43X 15,8% 2007 BPV Vita Fondiaria - SAI 50,0% 530,0 147,2% 4,94X 117,4% 2007 DWS Vita Zurich Investment Life Spa 100,0% 97,3 121,2% 2,30X 68,6% 2008 UBI Vita AVIVA 50,0% 65,0 41,9% 1,57X 15,2% 2008 Quadrifoglio Vita S.p.A. MPS 50,0% 92,5 52,8% 1,77X 22,9% 2008 Quadrifoglio Vita S.p.A. AXA MPS Assicurazioni Vita S.p.A. 100,0% 141,5 40,4% 1,35X 10,5% 2008 Chiara Vita S.p.A. Helvetia SA 70,0% 79,6 119,1% 2,25X 66,1% 2008 CredemVita Credem 50,0% 50,0 16,9% 1,49X 5,6% 2008 BCC Vita Cattolica Assicurazioni 51,0% 44 72,6% 1,82X 32,8% Average 60,8% 2,38X 34,5% Carige Vita Nuova Banca Carige 100% 271,4 28,6% 1.63X 11,0% Carige Vita Nuova Pro Forma (2) Banca Carige 100,0% 203,4 21,4% 1.22X 3,8% (1) Goodwill assessed as the difference between Price and Equity (2) Investments excluding the surplus realized by Carige Assicurazioni by selling to the Parent Company Banca Carige the 80% of its stake in Carige Vita Nuova (68 /m) in 1999 and GRUPPO CARIGE 30

31 and the non life company Multiples transactions in Non life sectors Year Target Bidder Quota Price Price/ Premiums Price/ Equity Goodwill (1)/ Premiums 2006 Liguria Assicurazioni Fondiaria - SAI 100.0% % 2.96X 55.9% 2006 Toro Assicurazioni Investitori Istituzionali 10.0% % 1.36X 30.8% 2006 Fineco Assicurazioni Fondiaria - SAI 51.0% 56.0 >250% >5 >200% 2006 Toro Assicurazioni Generali 55.5% 2, % 2.68X 85.7% 2006 Toro Assicurazioni Generali 33.5% 1, % 2.74X 88.7% 2006 Duomo Assicurazioni Mapfre 50.0% % 2.37X 51.7% 2007 Aurora Assicurazioni Unipol 29.2% % 2.02X 34.2% 2007 Novara Assicura AVIVA 50.0% 250 >250% >5 >200% 2007 Toro Assicurazioni Generali 1.5% % 2.75X 88.9% 2007 Nuova Tirrena Groupama 100.0% 1, % 4.52X 119.6% 2007 MPS Danni AXA 50.0% >250% >5 >200% 2008 Padana Assicurazioni SpA Helvetia SA 100.0% % 0.25X neg Credem Assicurazioni Reale Mutua Assicurazioni 50.0% 0% % 2.92X 94.2% 2009 UBI Assicurazioni BNP/ FORTIS 50.0% % 4.04X 113.5% Average 115.2% 2.60X 76.3% Carige Assicurazioni Banca Carige 98.4% % 1.42X 11.2% Carige Assicurazioni Pro Forma (2) Banca Carige 98.4% % 239X 2.39X 37.1% (1) Goodwill assessed as the difference between Price and Equity (2) Investiments, including settlement costs (losses) and the surplus realized by selling to the Parent Company the 80% of the stake in Carige Vita Nuova (68 m) in 1999 and GRUPPO CARIGE 31

32 The bancassurance is growing well Life Premiums % via banking branches 153 /m Q09 Stock premiums / Indirect deposits 3.5% 5.0% 6.3% Source: Company data GRUPPO CARIGE 32

33 The non life business needed some intervention: on the portfolio Portfolio mix 1999 Portfolio mix 3Q % 10.1% 50.1% 7.4% 42.5% 71.7% Motor ins. Other car ins. P&C Ins. Motor ins. Other car ins. P&C Ins. Number of motor insurance contracts ~1,200,000 Number of insurance outlets 781 Claims ~206,000 Number of motor insurance contracts ~590,000 Number of insurance outlets 385 Claims ~60,000 Premium reduction policy in risky segments (Motor Ins.) Network rationalisation of the motor insurance agents GRUPPO CARIGE 33

34 and on the reserves Over the company strengthened the reserves (169.6 m) and recorded 77.4 m in P&L account due to the utilisation of reserves for the cancellation of a reinsurance contract. Technical reserve increase and technical reserves/premium ratio 183% 123% 939 m Technical reserves Technical reserves/premiums GRUPPO CARIGE 34

35 The next step to integrate the insurance business Working area Target 1 ICT/ General register Personal data acquisition of the insurance companies customers Identification of the customers in common between bank and insurance companies Commercial development on insurance companies customers Network integration (Assurbanca) Bancassurance CPI sale Marketing & communication Data analysis for defining specific commercial actions (cross selling) Complete revision of the operating and commercial processes to relaunch the project CPI sale, pricing process review Guidelines definition to manage external communication Enhancing cost synergies of the communication campaigns Simplify the communication between Bank and insurance companies 6 Real estate New synergies in the real estate acquisition and management 7 Bancassurance products Integration of the assurance products in the bank s products list 8 Creditis Sale of assurance products together with financial services and credit cards GRUPPO CARIGE 35

36 The next Convertible Bond Issue Soft mandatory convertible bond scheme Maximum nominal amount: 400 million Duration: 5 years Annual coupon payable in arrear from 2011 to % of the principal p amount Early redemption faculty for the bondholders to redeem the bonds in Carige ordinary shares (1 share per 1 bond) after 18 months from the Closing Date and until the Maturity Date Early redemption faculty for the Issuer, after 18 months from the Closing Date to redeem the bonds by issuing ordinary shares (11 new shares per 10 bonds) and making a possible additional cash payment for granting a 10% premium Board s resolution to submit to the Extraordinary meeting the proposal to proceed with a convertible bond issue Authorisation by the Bank of Italy Board s resolution to proceed with a convertible bond issue SEPTEMBER 2009 OCTOBER 2009 NOVEMBER Q2010 Request of the authorisation to the Bank of Italy Extraordinary Meeting Announcement and closing date GRUPPO CARIGE 36

37 Disclaimer This document has been prepared by Banca Carige SpA solely for information purposes and for use in presentation of the Group s strategies and financials. The information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the company, its advisors or representatives shall have any liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute t an offer or invitation it ti to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The distribution of this presentation in certain jurisdictions may be restricted by law. Recipients of this presentation should inform themselves about and observe such restrictions. The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations. ***** The manager responsible for preparing the company s financial reports Daria Bagnasco, Planning and Accounting Head Office Manager of Banca CARIGE S.p.A., pa declares, pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, that the accounting information of Banca CARIGE S.p.A and the consolidated accounting information of Banca CARIGE Group contained in this presentation correspond to the document results, books and accounting records. GRUPPO CARIGE 37

38 Contacts Emilio Chiesi Head of International Funding & UK Representative Tel: Investor Relations Tel: GRUPPO CARIGE 38